President Donald Trump took the cryptocurrency world by surprise Sunday, announcing a strategic reserve comprising of top coins such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
As the market came to terms with the significant development, influential industry figures proposed suggestions and assessed the chances of its implementation.
What happened: Brian Armstrong, CEO of cryptocurrency exchange Coinbase, believed having just Bitcoin in the reserve would be the “best option,” calling the asset a successor to gold.
Don’t Miss:
Alternatively, Armstrong proposed that to maintain variety, a market capitalization-weighted mix of cryptocurrency assets could be used to keep the reserve “unbiased.”
The remarks were in response to White House A.I. & Crypto Czar David Sacks, who added to Trump’s earlier announcement that Bitcoin, along with Ethereum, XRP (CRYPTO: XRP), Solana (CRYPTO: SOL), and Cardano (CRYPO: ADA), would be used to set up a national cryptocurrency reserve.
Sacks said further details around the reserve would be revealed at the upcoming cryptocurrency summit at the White House.
The inclusion of other altcoins beside Bitcoin was intriguing, considering Bitcoin enthusiasts were expecting a Bitcoin-only reserve.
In fact, even staunch Bitcoin critic Peter Schiff questioned the inclusion of assets like XRP in the reserve.
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, refused to read too much into the announcement.
“Nothing new here. Just words. Lmk when they get congressional approval to borrow money and/or revalue the gold price higher,” Hayes stated.
